tv The Willis Report FOX Business March 29, 2013 9:00pm-10:00pm EDT
and happy. >> i will be very ungrateful for doing that. >> happy easter. >> happy easter. >> happy easter. report." >> the federal government has new standards for gas in your tank. but will the new rules raise prices? also, a wall street bigwig arrested at the crack of dawn. and turn this into a fortune. the american papers are here. we are on the case tonight on "the willis report."
gerri: to our top story tonight, do you trust your financial advisor? if you do not, you're not alone. more and more americas are losing faith in their advisor. that is according to the research institute. fewer americans are seeking advice about their money and fewer are taking it. behrens rated this financial services company number onone to three years in a row. rick adelman, and you for ming on the show. why are americans so ditrusting when it comes to people that can help them? >> many are regarded as nothing more than salespeople. people got burned over 2008. they are fed up and they don't know they can trust a lot of advisers. gerri: the other thing that is going on, of course they lost a lot of money, everyone wants to
invest in index funds. and they probably think, do i really need a financial advisor if i'm not picking and choosing investments? to the answer is yes, you do. first of all, how much of your money goes into stocks and bonds? so the allocation question is still beyond most individual's abilities. more importantly, there are a lot of conversations that have nothing to do with investments how did you register the account? is it in your name only? gerri: i think some of these basic things that young investors can handle on their own, especially if you are investing in a 401k. >> you are absolutely right. gerri: maybe you know that you have a long ways to go. >> that is why there is a proliferation of online sites available. we created one for xactly that reason. the do-it-yourself investor that says i just need to figure out allocations. i can do it online for free.
no mas no fuss. gerri: but how much money should i set-aside? you mention in the greenroom that there's an interesting study that has a real disconnect between advisors and their clients that shows how much risks are taken. >> many think that one out of four of their clients are aggressive investors. on the clients were interviewed, only 8% agreed with thhat. which shows that the advisors are not paying attention to their clients. gerri: that is not good. how is it that the visor doesn't know what is going on? >> if you are dealing with this type advisor, they ill spend most of their time and energy on you to make sure that they understand your situation and what is appropriate for your
needs. if you aren't having enough communication, get a new advisor. gerri: april he details how much risk you want to take. >> we are all both signing it so that we are in full agreement as to what your situation would be. gerri: asking you this other question, this is an emerging trend that i think it's interesting. a lot of young people, very distrustful of institutions and banks. federal reserve, the government. and they just don't trust what is going on out there. some of them want to retire by 40. would he think of that? >> is fabulous. a linear lifeline is dead. instead, people are going to school, they are getting a job, they are retiring, they are getting a new career, going back to work. sometimes having two jobs at once. sometimes taking a few years off and inventing themselves so that life is cyclical. it is much more economically
viable. gerri: have you seen any extreme savers? >> yes, we are. it is a great idea. in the summer, they serve, in the winter they see. >> why are we not doing thi we could learn from the younger folks. gerri: it's great to see you, thank you for coming on the set. allall right, i have to tell you this story. chief justice john roberts has become a victim of credit card fraud. according to the ap, a supreme court spokeswoman has confirmed that someone got a hold of one of his credit card account numbers. now, we know this because he told the cashier in maryland that he had used cash for his morning coffee because he canceled the card after discovering that someone else had used the numbers. all of which confirms what i have said. wealthan't protect you fro
thieves. particularly when so much of our information is available online. no doubt you already know that federal law says you cannot be held liable for unauthorized transfers occur after that. but the reality is the law treats these two cards very differently. first, there is no time limit. especially on importing a credit card is lost and stolen. your personal liability is capped at $50. it is not so with a debit card. if someone uses your debit card and it is lost or stolen, the loss can be limitless if you fail to report it right away. in other words, credit cards are safer to carry and debit cards and even cash. i carry a debit card for m my daily purchase. now, i make those purchases on a non-revolving credit card with a generous points program. the bill gets paid right away, and i get a little extra for
fami travel. i love that. meanwhile, big story today. wall street and the blessed by the fbi. look at this video. a top portfolio manager at fac capital was arrested at his swanky park avenue apartment in new york city. he's accused of trading inside information. prosecutors say he was at the center of the week criminal club. he entered a not guilty plea and is now on $2 million bail. this video was shot by this woman that we have on our show. welcome to the show. how did it go down this morning? >> well, you know, we have been watchinghis for a while. we reported on it a while back.
so before dawn this morning, about 6:00 a.m., bunch of fbi agents pulled up in cars. the. gerri: how long did you kno? >> i was not sure this was going to happen. we have been on the lookout for it. you know, it's something that i wouldn't normally do. it only took moments, it wa very swift. they brought him out in hives, put him in the car and drove off the. gerri: this guy, he is a big deal on wall street. he is a portfolio manager from one of the companycountry's biggest hedge fund managers. we know? >> is the highest-ranking person to be ensnared in this investigation. which is ongoing and has been a very big deal. he has been attacked since 1997. you know, he's only 40 years
old. so he kind of grew up there professionally. he is a trusted kind of arba tour of analysts are steve cohen. that is what the sources tell us. he has trusted even the contradictory opinions of analysts. talking about what he thinks is the best route a technology investing. gerri: today's we were talking about this story, i said if the fec has it right, the kind of casetudies he would write if you are trying to tell a class with insider trading was light. a sickly he received information about an earnings eport on the company. and can you tell us aboutthat? >> the government is saying that they have a lot of wiretaps. in this case, there is enough evidence and also cooperators.
gerri: let me read one of those e-mails. this is from an analyst who provided the information. he said i have secondhand insight from somebody at the company. and he said please keep it to yourself because it's not public. and then the fund manager said yes, normally we would never divulge data like this. please be discreet, thank you. but the problem i have with an exple like this. and again, this has not been proven yet. but this is the the kind of thing is that the small investor in the bkseat. they have access to information that guarantees making money. as a small investor, this puts me at a disadvantage in the marketplace. what do you make of it? >> you know, there are a lot of people that argue that this is a victim of crime. gerri: i don't believe that.
>> we have been writing about this for years. gerri: it happens all the time. >> and because the government has really become so aggressive on us. i think a lot of people believe that makes ordinary investors feel like they can't trust what's happening. there are investors who are always going to get an edge. i don't know that the e-mail that you read -- i mean, the government hasn't lost on account spume a lot of people say it is actually steinberg's box that is the true target, the fellow that runs the hedge fund. you believe that to be true? >> i thinkhe government is trying to build a case. more an half of 15 billion in
assets. and if steinberg cooperates, he could be a key witness for the government against steve cohen. gerri: that is what we will have to watch for. what a great scoop. thank you for helping us out. a great reporter. thank you. well, we are just getting started. coming up, the creator and star of the history channe series american pickers. and the federal government is can't leave you alone or your car. car. higher gas prices are coming. [ lorenzo ] i'm lorenzo.
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we know that the epa wants to reduce sulfur by 60% and now we hear that this is going to have a cost at the gas pump. up to 9 cents according to the american petroleum institute. who is right? that is a big gap. >> first of all, it is important to remember why the epa is proposing this. this is to protect the lungs and heart of our children and our senior citizens and other people with respiratory ailments. this would be like taking the pollution from 30 million cars off the road. it will prevent thousands of asthma attacks every year and thousands of premature deaths every year. it is estimated that for every dollar in cleanup costs, it will generate health care funding the. gerri: but why the difference in estimates? >> big oil companies made predictions about the last time that the epa tried to clean us out.
those predictions are wrong. even if they are right, let's say they are right. the average american uses 10 gallons of gasoline a week, which means that it would be a 90-cent per week increase. gerri: let's give him a chance to get back in ere. you know, i have read that we have already reduced sulfur emissions by 90%. how far do we want to go? are we going to make it go away? i dot understand where is the end of this. >> i saw the same statistics. it has been reduced cost of $10 billion since 1994. that is great, we should try to project the environment. i don't know why we have to direct the spirit we were all supposed to be driving electric cars in 10 or 20 years. but that is not working out too well for the crowd. as we are back to talking about big oil and how the evil big oil is killing the senior citizens
most with respiratory problems. problems. the problem isn't people die from air pollution. people cannot afford to pay for the price of gas. once again, the green agenda is funded with other people's money. the. gerri: let's get dan to talk about this. i think this is a legitimate what he is saying is that they should this should not be priority number one in this country. the first priority should be about getting people back to work and having people have affordable lives. it seems to me that there is no end to the demands from the environmentalists. it's not that you really want to do this, but you want to get rid of fossil fuels altogether. it's not right? >> that is a straw person argument. gerri: it's not silly, a lot of people make that argument. gerri: i resent that. it is not a silly point at all. >> getting sulfur out of gasoline to prevent asthma
attacks and premature deaths have nothing to do whether or not we get off of fossil fuels 10 or 20 or 30 years from now. this is not about the environment. the. gerri: we've given you a lot of airtime. i think it's time for mark. what do you think, mark? was new at dancing directly here. then talk about this issue of health. >> i think he should contribute to some kind of children's asthma charity and spend his old money to help people. he has lost the speculation about how asthmatics are dying because of the remaining sulfur in gasoline. the environment has improved greatly. i'm sure there is always room for improvement. the. gerri: but at what cost? >> the smog is unhealthy. half of all americans live in
cities that have smog at healthy levels. gerri: thank you both for coming on tonight. >> thank you for helping us. mark, we appreciate you coming on. gerri: some people just don't know when to stop. meanwhile, the epa could drive gas price higher, but drivers are enjoying low easter prices this weekend. how long can this last? with more on this, we have the senior petroleum allen west. welcome to the show, it's great to have you here. can we keep these prices u? >> we are cops usually optimistic that we can say the peak of gasoline prices were this year may have been set. we sought on february 27. at the same time, that is not something we can say with a
great deal of conviction. simply because they are too many variables that lay ahead. especially with april and may coming right up on us. there is so much volatility that we see at that time of year. i cannot tell you definitively that we have seen the peak of gasoline prices and everything will be smooth sailing, but right now we can say that the national average is 17 cens below the peak that we saw in february. gerri: we had the national average $3.64 per regular. four dollars and 1 cent for diesel. i am used to seeing gas prices climb at this type of year because of the reformulation goesn during the season. do you think we will get back to that by midsummer? >> i do not think we are going to see that. some rkets are already there. but the national average, we don't believe that we will see that at all.
gerri: okay. that is great news. gas prices are down 26 cents over the last 30 days. if you believe they are not gog to go down, will they go down further? >> they can, but we have to recognize the fact that crude oil has gone up for the last six days from $92 a barrel up to about a little over $97 per barrel. there are things that we have to watch out for. energy production is up, gasoline production is up. the refineries are getting through that transition of winter blend to summer blend. the reineries are operating well. so there is good reason to be optimistic. gerri: i love that. that is good news for holiday weekend. now we want to know what you think. here's our question.
treasures in junkyards and basements. the star of the show is the author of this new book, kidde pickers. mike, welcome. it is a wonderful show. >> and pitched the show and i was naïve to the fact as to how big it could be. it's a show about everybody. i don't care if you're scratching a lottery ticket for going to a garage sale. everybody is a paper because they have a sense of curiosity and adventure. gerri: how did you get into this in the first place? >> i was four years old and digging in the garbage on the way to school. she can afford a bicycle for me because my mom was a single mom. and i thought, oh, my goodness, how could someone throw this bike away? my mom got a call from the school to that and go to school that day. she came home, and i had all this junk in the front yard, and she said were you doing?
and i said that i will have a bicycle shop. though it started at an early age. itas just the way it happened. gerri: you said that i dont look at it as junk. it seemed like a treasure to me. now, you have opened up another store in nashville. did you see this coming? do think this will be all over the country now? >> the thing is we have to actually go out and finding things. we cannot order them from a catalog or anything like that. the store in nashville does well. it is completely different than anywhere in america because people love to go to the markets. we have a call from the tourism board who said that we have a second location in nashville. so thawas an honor. the. gerri: that is amazing. how do you know what is valuable
and how do you find this stuff? >> when i started doing this 25 years ago, there was no internet. we didn't have e-mail or anything. so you have to had to make a gut reaction when he saw something. now everything is at your fingertips. you can find out so much information immediately. but as far as this, i say buy what you like. you know, the trends come and go. the mainstream media drives what is hot. like i indusial or midcentury model furniture. people start searching for certain items. gerri: what advice would you have for folks who'd like to do this themselves? but would you tell them? >> there are a lot of people that buy namebrand products. they sell that stuff.
i have already been to older stuff, i have talked to other dealers. make sure that you are buying original things. there's a lot of reproduction out there. i did not spend beyond their means because you might get stuck with something. gerri: i read that you said the best way to find them is the east coast. specifically pennsylvania. why is that? >> i absolutely love pennsylvania. if you think about it, the ports were all in america. the farther west people went, the less they bought. there was a lot of manufacturing in pennsylvania, people have jobs there. if you drive the back roads, every 5 miles is an incredible town with so much. to explore. people the people are great, they are very friendly. there are a lot of bonds in pennsylvania that are twice the size of anywhere else in the country's the one that sounds like a great place to look. tell us about your book before you go. >> basically cared pickers is a way to teach community history
and world history or items they find. it teaches recycling, repurchasing in their own community, teaching children the value of the dollar. gerri: that is the kind of thing i can go for. mike, thank you for coming on. good luck with the show. i hope it goes on forever. gerri: thank you. still ahead, the latest news on the facebook phone. and i get behind the wheel of amazing cars at the new york international auto show. stay with us. and those are my final four picks. now over to you charles???? sir chles' single miles card left him blacked out. he's coming to us from home. that's gotta be traveling. now instead of covering the final four, he's stuck covering fourth graders. brick! bobby is 1 for 36.
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phone is coming up again. the social media giant has went out invitations for a big press event that takes place next weekend. facebook is working with htc to produce a smart phone. but is there any truth to this? thank you for coming on the show. we really appreciate it. is this really going to happen? >> it is a bit of a misnomer. this is a new version of facebook's mobile applicaton. it will take over. if you turn it on, the facebook content will be right there. facebook wants to be front and center. it's going to start with htc phones that are powered by android software. but then it will be available for all android devices. and they are the number one smart phone out there.
gerri: moving onto another topic. google, testing same-day delivery. what is happening? will this come to fruition? it seems like everyone is trying to do same-day delivery. >> yes, we have retailers like wal-mart are trying to do same-day delivery. if you are shopping, you can hit a few buttons and have whatever you want delivered to your home or office. gerri: can you make the economics of this work? i have done the same day with amazon. but i wonder how they are pulling it off. >> well, they have a bunch of warehouses all over the place and that allows them to do this. but the problem is you basically have to do the order by seven or eight or 9:00 a.m. wi ebay and some other services come you can order it at night and still get a couple of hours later. e economics are very
uncertain. some companies went belly up 10 or 12 years ago. so you have a lot of experimentation going on. gerri: wal-mart apparently is thinking about having their in-store customers deliver the purchases of online customers, which sounds like complete insanity to me. cannot actually happen? >> they have publicly said that they are thinking about this. it sounds crazy, but it really isn't. we are in a day and age whre anyone who has the ability to do something can become an employee. if you have a car come you can rent it out. you can rent out your home. there are services. there is a lift or you can have your car via taxi. it makes sense that we would think about how much traffic and how many people are going to go
back to their homes. they might as well just drop off some gods. gerri: okay, thank you for coming on tonight. it is a pleasure having you on the show. we appreciate your time. >> thank you very much. gerri: coming up, texasonce the federal reserve t return its $1 billion in gold bar. e lawmaker behind bushes here and we will talk about it. later, i will take a peak inside of some of the top luxury cars. stay with us. we went out and asked people a simple question: how old is the oldest person you've known? we gave people a sticr and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed: the official retirement age.
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the gold in a bank vault in new york city. with more onn this come the lawmaker who is leading the charge, texas state representative . so when you want to do this? why do you want to take the gold from a perfectly safe place all the way new york to texas? >> is like any physical property, it is safer, it reaches our goal and we should have it in the states. >> typically think of it as an insurance and investment. you are afraid that inflation will get out of control or maybe you are worried about the stability of the government. now, does any that fit your
rationale? >> this actually has nothing to do with that. what it has to do with his there is financial instability all over the world. it is pulled and us to make sure that we do have stability here and that the economy is sound. when you look at it from an economic development perspective, it degrading a eat thing to be able to go to businesses and others and say, texas is a great way. it is much better than any other state in new york. gerri: you believe that they will make their decision on the basis of whether we have this in the state are not? >> well, they look at it a bunch of different ways. but when you can say that texas has this way, we have strong private property rights, commonsense business regulations gerri: i am a big fan of te
state. what is interesting is that we are seeing germany do the same thing. there are other countries that are thinking about calling their goals. do you think this is a beginning of a trend among other states and countries? >> i do hope it is a trend amongst other states. itallows us to have our own investments, and his abilities to do this is a diversification strategy. gerri: okay. the problem is that you have to protect it. it is a billion dollars in gold. it's not a big thing. but i can imagine that a lot of people would say, let's go pick up that gold in dallas. it seems to me that it would be really expensive to protect it. to have the software and the
manpower. everything you need to keep it safe. >> that is a good question. we have discored is that a lot of people will go and look at this from the fort knox perspective. but it is an area, a billion dollars. but it is something that will take security. it would be a small amount of money to manage it. gerri: i think it will be more expensive than you think. let me tell you, you have to pretty much promise your firstborn to get in there. they are very serious about security. it is expensive. >> sure. texas is different in terms of cost and all that stuff. because the way the depository bill is set up, we will be able to let others invest and this
will be revenue neutral. gerri: i have heard many elected officials say that. thank you for coming on. what great story and insight that you have. some good news for all of you baseball fans. spring training is coming to an end. number five is the stadium opened in 2006. it is called an experience all in itself. number four is fenway park located in boston. number three is riole park. home of the baltimore orioles. it is the first of this this constructed during the '90s and early 2000.
and a great view of the bay. and the number one ballpark in the u.s. is at&t park in pittsburgh. is that really true? opened in 2001. it provides spectacular views. do you agree with the story? i think this is crazy. sending e-mail. we could show you a list of the top five on monday. definitely let us know. up next, we take you to the new york auto show. we will explore some of the hottest luxury cars. stick
gerri: luxury car interiors. the new york international auto show kicks off this weeend, featuring 1000 of the latest models of luxury and non-model undreamt luxury models. i got to go on the two were inside. i asked if the interior of the car is just as important as the outside. >> you live and drive inside your car. the people don't think about this. i have a rule that you are what you drive. [laughter] >> what is interesting is when you think about what is inside the car, technology has really blossomed. the interior has gone so fashionable. gerri: take a look at this.
can you give me a little run down on this? >> it is a purple metallic. what is interesting is that it's almost a plan. the center is made of alminum. those wines are very distinct. they are also using composite plastics to create these types of hapes. also, note this headlight. what a piece of art. >> i am really excited about seeing the inside of a car. >> look at the finish. >> that is a real wood bonaire. every stitch from the ceiling to the dashboard is hand stitched. this is nothing but machine.
even cool things like this. >> wow. >> this is real aluminum. >> this is the ultimate luxury. >> i love this technology. this is interesting. you can integrate this into the center console. >> absolutely. you can have an ipad option when you get so much with that, we can do this. this is a mobile hotspot.
>> the interior is brown. >> brown is brown is the new black, believet or not. >> what they have done is hired an interior designer. you can actually feel the personality and everybody that is involved. carbon or fiber options, it depends on what you want. >> i just turned down a massage feature on this car. i am telling you, it's the most fun you'll ever have in a car. >> this is one that i really wanted to see. this car was not designed by a bunch of car they. >> that's right. this is beautiful. this is a big departure.
you can see that this is designed by 3 you can see that this is designed by an interior designer >> we are making these decisions, and we have the ability to have the classic panache of a sexy car. >> thank you so much for the two are. we really appreciate. gerri: that was a lot of fun. the new york auto show is open to the public this weekend. ♪ ♪ [ male announcer ] how do you enengineer a true automotive breakthrough? ♪ you give it bold styling, unsurpassed luxury and nearly 1,000 improvements.
you are gonna need wingman. and wi my cash back, you are money. forget him. my airline miles will take your game worldwide. what i'm really looking for is -- i got two words for you -- re-wards. ♪ there's got to be better cards than this. [ male announcer ] there's a better way with creditcards.com. compare hundreds of cards from all the major banks to find the one that's right for you. it's simple. search, compare, and apply at creditcards.com. first round's on me. gerri: earlier in the show we had a debate on whether the epa new gas rules are worth the extra cost or should the government to stay out of your tank? here is where your posting on my facebook page. yes, they are too involved in our daily lives.
my toyota minivan does not want obama the tank. finally, i would be nice if the government stayed out of something. agree with that. here is how you voted on gerriwillis.com. 96 percent said yes, 4 percent said no. log on to gerriwillis.com for online queststion every weekday. finally, once again, washington wasting taxpayer dollars. this time you can think obamacare. thanks to your 150,000 the taxpayer dollars, building call centers and hiring 21 employees to assist residents with paperwork. their goal, to prepare everybody once obamacare goes into affect. residents without insurance can now call the hot line with questions they have pertaining to obamacare. our real seriously funding this call center to get in the tips on paper work? of these employees even reading the bill? all lan seeing is more workers, cost, and waste. constant spending and the lack